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10 Tips for Choosing the Right Coworking Space

By: My Millennial Guide

In recent years, coworking spaces have become increasingly popular in the gig economy, and for good reasons. The spaces are a great opportunity to network, economize, and fuel creativity. They have exponentially changed the way budding local entrepreneurs, freelancers, and startups can attain an office set up on a small budget. The question that arises after having considered the benefits of working in coworking spaces is how to choose the right spot. Take a look at the list below for 10 crucial things to consider when choosing the perfect spot.

 1. Location

One of the most important factors is the commutability. Search for a place that is in your vicinity or one that has an excellent public transport connection and is strategically placed within the city. Check if there are any nearby metro or bus lines. You should also estimate the time it’ll take a person to commute on foot, with Uber, Lime Scooters, on a bike, etc. Additionally, inquire if there’s any parking nearby and what the fees are. Finally, you should consider a location that will leave a good impression on your potential clients.

2. Internet Connection

We are in a generation where just about everything is conducted through the internet. Move your office to a coworking space with a reliable and robust internet connection. The good thing is that the majority of coworking spaces is that they offer free internet and ensure that the Wi-Fi speed is high. Nevertheless, it’s a good foresight to inquire about it personally and test it yourself.

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3. Amenities

The coworking space should be inclusive of all the main facilities that you can expect from a typical office. The most important is a professional meeting or conference room where you can conduct business without outside interruptions. Other amenities to factor in include a good pantry, kitchen, and clean restrooms.

4. Security

Check the security protocol. You want your office to be in a place where you can pop in and out of with ease. The coworking space should also be secure enough to leave your electronics such as laptops, pads, etc. for lunch break or even overnight. If the coworking space is open all day and night, be sure to inquire about the security measures that have been put in place.

5. Other Inhabitants

Coworking spaces offer great opportunities for fruitful collaboration and useful networking. It’s worth checking the list of other tenants that are occupying the space. For example, if you are a freelancer looking to expand your network, select a coworking space that has professionals from various work niches. Such a space can open up many doors for mingling with other like-minded entrepreneurs.

6. Privacy

Sometimes the environment can be a bit busy. That’s why some locations offer private offices, movable walls that can cut you off from everyone else, or noise-canceling headphones. If you find yourself too distracted by the bustle and hustle, you can make use of the movable walls and headphones to zone out the surrounding chatter. Additionally, you can always inquire about a private office if your budget allows for it.

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7. Price

Budget is an essential factor. You want to search for a location that will keep your expenses to a bare minimum because you don’t want your monthly rent becoming a liability. With that said, pick an appropriate space that fits your budget.

8. Contract

You should always read through the contract thoroughly before signing it. Go through it carefully and check to see if there are any hidden costs and terms. Depending on the space, there may be additional costs for using the printers, meeting rooms, kitchen, etc. Be sure to inquire about this upfront.

9. Trial Period

You might find a spot that ticks all the boxes upfront, such as located in a great area, includes all the amenities you need, houses other like-minded people, etc. However, you never truly know how you feel about the space until you test it out. Look for a coworking space that offers a trial period where you can have a feel of the place’s potential before signing the contract. 

10. Extra Perks

Aside from the workspace, look for a space that provides additional perks that you might need to maximize your productivity. Some standard perks include complimentary tea and coffee. However, most coworking spaces offer other extra perks such as children’s rooms, outdoor patio, yoga room, gym area, and more. 

The Bottom Line

When it comes to coworking spaces, you’ll need to ask yourself how much you are willing to part with monthly and what kind of amenities and perks you need to get the best return on your investment.

 

My Millennial Guide is a finance community empowering Millennials to take part in better money habits. Millennial Money made easy.

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